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5.TERM <br /> A. Initial Term-Work Commencement <br /> The Parties' respective performances under this Contract shall commence on the date signed by the State <br /> Controller or his designee.This Contract shall terminate on June 30,2014 unless sooner terminated or <br /> further extended as specified elsewhere herein. <br /> B. Two Month Extension <br /> The State,at its sole discretion upon written notice to Contractor as provided in§16,may unilaterally <br /> extend the term of this Contract for a period not to exceed two months if the Parties are negotiating a <br /> replacement Contract or an amendment at or near the end of any initial term or renewal term.The <br /> provisions of this Contract in effect when such notice is given, including,but not limited to prices,rates, <br /> and delivery requirements, shall remain in effect during the two-month extension.The two month extension <br /> shall immediately terminate when and if a replacement Contract is approved and signed by the Colorado <br /> State Controller. <br /> 6. STATEMENT OF WORK <br /> A. Completion <br /> Contractor shall complete the Work and its other obligations as described herein and in Exhibit A on or <br /> before June 30,2014.The State shall not be liable to compensate Contractor for any Work performed prior <br /> to the Effective Date or after the termination of this Contract. <br /> B. Goods and Services <br /> Contractor shall procure Goods and Services necessary to complete the Work. Such procurement shall be <br /> accomplished using the Contract Funds and shall not increase the maximum amount payable hereunder by <br /> the State. <br /> C.Employees <br /> All persons employed by Contractor or Subcontractors to perform Work under this Contract shall be <br /> Contractor's or Subcontractors' employee(s)for all purposes hereunder and shall not be employees of the <br /> State for any purpose as a result of this Contract. <br /> 7.PAYMENTS TO CONTRACTOR <br /> The State shall,in accordance with the provisions of this§7,pay Contractor in the amounts and using the <br /> methods set forth below: <br /> A. Maximum Amount <br /> The maximum amount payable under this Contract to Contractor by the State is$249,000,as determined by <br /> the State from available funds.Payments to Contractor are limited to the unpaid obligated balance of the <br /> Contract set forth in Exhibit A. The maximum amount payable by the State to Contractor during each State <br /> fiscal year of this Contract shall be: <br /> Up to$249,000 is payable in FY13 <br /> $249,000 less the amount paid in FY2013 <br /> is payable in FY14 <br /> B.Payment <br /> i. Interim and Final Payments <br /> Any payment allowed under this Contract or in Exhibit A shall comply with State Fiscal Rules and be <br /> made in accordance with the provisions of this Contract or such Exhibit. Contractor shall initiate any <br /> payment requests by submitting invoices to the State in the form and manner set forth in approved by <br /> the State. <br /> ii.Interest <br /> The State shall fully pay each invoice within 45 days of receipt thereof if the amount invoiced <br /> represents performance by Contractor previously accepted by the State.Uncontested amounts not paid <br /> by the State within 45 days shall bear interest on the unpaid balance beginning on the 46th day at a <br /> rate not to exceed one percent per month until paid in full;provided,however,that interest shall not <br /> accrue on unpaid amounts that are subject to a good faith dispute.Contractor shall invoice the State <br /> Page 3 <br />